Ascent Industries Provides Update on the Supreme Court of British Columbia in the Matter of the Companies Creditor Arrangement Act

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VANCOUVER, British Columbia, July 11, 2019 — Ascent Industries Corp. (CSE: ASNT) (“Ascent” or the “Company”) is providing an update on the Supreme Court of British Columbia hearing, in the matter of the Companies Creditor Arrangement Act which was held July 11, 2019. Pursuant to the hearing, the Court has granted the Company a Stay Extension Order to extend the relief granted under the previous order made May 31, 2019 to July 26, 2019.
 BI-WEEKLY DEFAULT STATUS REPORTThe Company is also providing this bi-weekly default status report in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203“).On May 16, 2019, the Company announced that its financial statements for the year ended December 31, 2018, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Filings“) were not filed by the required filing deadline of April 30, 2019.About Ascent Industries Corp.  
The Company’s operations currently include facilities Oregon and Nevada in the United States. In the United States, the Company holds licences in Oregon (for processing and for distribution of cannabis to any licenced entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis). In Europe, Agrima ApS, a Danish company and wholly-owned subsidiary of Ascent, has been established and the Company is currently assessing its future role as it continues to formulate its business plan.                
THE CANADIAN SECURITIES EXCHANGE (THE “CSE”) HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the uncertainty involved in the timing of the completion of the Annual Filings. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Ascent assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
For further information:Jeremy South
[email protected]

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About the Author: Sidney Martin

Sidney Marin Is a researcher and law student at York University (TORONTO). He has worked as the Director of the Graduate Lawyering Program. He worked for American law firms in Moscow, Russia for three years. Hegraduated from Columbia Law School, Columbia School of International and Public Affairs and Harvard College. He research interest is in human rights and health law, with a particular focus on the law and policy of vaccination.